Latest News

Taking distributions from your traditional IRA

By |2019-08-20T20:24:45+00:00August 20th, 2019|Latest News|

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family

Dashboard software helps you keep your eyes on the prize

By |2019-08-19T14:38:26+00:00August 19th, 2019|Latest News|

Like most business owners, you’ve probably been urged by industry experts and professional advisors to identify the most important key performance indicators (KPIs) for your company. So, just for the sake of discussion, let’s say you’ve done that. A natural question that often follows is: Now what? You know you’re supposed to keep an eye

“Innocent spouses” may get relief from tax liability

By |2019-08-13T18:21:09+00:00August 13th, 2019|Latest News|

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes

The tax implications of being a winner

By |2019-08-08T14:27:05+00:00August 8th, 2019|Latest News|

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported

Is it time to hire a CFO or controller?

By |2019-08-08T14:23:51+00:00August 8th, 2019|Latest News|

Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore. If you can relate to the feeling, it may be time to add

Taking a long-term approach to certain insurance documentation

By |2019-08-08T14:22:19+00:00August 8th, 2019|Latest News|

After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s best to take a long-term approach to certain types of policies. Occurrence-based insurance Generally, the

The “kiddie tax” hurts families more than ever

By |2019-08-01T16:01:25+00:00August 1st, 2019|Latest News|

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made

Run your strategic-planning meetings like they really matter

By |2019-07-30T14:48:38+00:00July 30th, 2019|Latest News|

Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees, but the process for hashing them out just doesn’t work. Here are a few ways to run your strategic-planning meetings like they really

The “nanny tax” must be paid for more than just nannies

By |2019-07-23T15:12:12+00:00July 23rd, 2019|Latest News|

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a

The 1-2-3 of B2B marketing

By |2019-07-23T14:31:37+00:00July 23rd, 2019|Latest News|

Does your business market its products or services to other companies? Or might it start doing so in the future? If so, it’s critical to recognize the key differences between marketing to the public — or even certain segments of the public — and business-to-business (B2B) marketing. Whereas wide-scale marketing campaigns generally need to be